What does QROPS mean?

I've recently discovered that expats could be eligible for a QROPS, but what does "QROPS" mean?

QROPS stands for "Qualifying Recognised Overseas Pension Scheme".

A QROPS is a pension scheme which is not based in the UK, but meets specific criteria set by the HMRC in the UK.

If you live abroad and wish to transfer a UK private pension to a foreign scheme, it must be classified as a QROPS, otherwise you could face significant penalties of up to 55% of the value of your pension pot.

The HMRC reviews offshore pension schemes and decides which pensions qualify to become a QROPS and regularly updates a list which contains all pensions which qualify as a QROPS.

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